First Notice

The residential program market, before it hits the trades.

Launches, capacity deals, rate orders, ratings and litigation across the residential program market. Every item is drawn from public sources and linked to them, and every item ends with the read: what it means, and for whom.

Issues

Issue #12 · October 19, 2026

This Week in Programs: Landlord & Homeowners

Isaias came in light, at the low end of what the brokers expected, and buyers kept paying up.

Issue #11 · October 12, 2026

This Week in Programs: Landlord & Homeowners

Isaias arrived late, as the season's first hurricane, and hit the Florida Panhandle as a Category 2 on October 9, with brokers' early loss talk in the mid-single-digit billions.

Issue #10 · October 5, 2026

This Week in Programs: Landlord & Homeowners

Homeowners insurance made money: a $16.5 billion underwriting profit in 2025, AM Best says, the line's first since 2019.

Issue #9 · September 28, 2026

This Week in Programs: Landlord & Homeowners

Bamboo postponed its IPO and Orion180 closed at $9.57, below its $12.00 offer price, so going public as a homeowners program had a rough week.

Issue #8 · September 21, 2026

This Week in Programs: Landlord & Homeowners

Orion180 priced at $12.00, $3.00 under the bottom of its range, and Bamboo still had not priced.

Issue #7 · September 14, 2026

This Week in Programs: Landlord & Homeowners

Orion180 and Bamboo put price ranges on homeowners program businesses five days apart, just as executives KBW surveyed put January 1 property catastrophe reinsurance down at least 10%.

Issue #6 · September 7, 2026

This Week in Programs: Landlord & Homeowners

Allstate filed to write new California homeowners business for the first time since November 2022, asking for 1.4%.

Issue #5 · August 31, 2026

This Week in Programs: Landlord & Homeowners

Bamboo filed to go public eight days after Orion180, in the same week Conning reported that fronting loss ratios have developed adversely in each of the past seven accident years.

Issue #4 · August 24, 2026

This Week in Programs: Landlord & Homeowners

Orion180 filed to take an excess and surplus homeowners book public, in a segment S&P Global says grew 29.5% to $4.14 billion last year.

Issue #3 · August 17, 2026

This Week in Programs: Landlord & Homeowners

Thoma Bravo agreed to take Accelerant private at an enterprise value above $4 billion.

Issue #2 · August 10, 2026

This Week in Programs: Landlord & Homeowners

Allstate's Florida tower got smaller, and more of it is catastrophe bonds now: $380 million of bond limit inside $934 million.

Issue #1 · August 3, 2026

This Week in Programs: Landlord & Homeowners

Slide ran a 57.6% combined ratio on a mostly Florida book, while Cincinnati's personal lines carried 21.4 catastrophe points and still squeaked under 100%.

First Notice tracks the U.S. residential property program market: new MGA licenses, program launches, rate and form filings, fronting partnerships, and insurance litigation, from public regulatory and news sources.

Why "First Notice"? In claims, first notice of loss is the first report that something has happened. This letter aims to be that report for the program market.